Avalanche (AVAX) and ORDI are showing signs of potential price rallies, according to chart analyses by Captain Faibik, a prominent crypto analyst. The analyst shared insights on X highlighting bullish formations for both tokens.
AVAX is displaying a pattern, often associated with trend reversals, while ORDI moves within a descending channel. These technical indicators suggest possible upward movements in the coming weeks.
Avalanche’s Potential Breakout
Captain Faibik’s analysis of AVAX reveals a falling wedge pattern on the daily timeframe. This pattern is distinguished by two meeting trendlines that slope downward, signifying a sequence of lower highs and lows.
$AVAX Still Moving inside the Falling wedge, Bounce Back is Coming soon..#Crypto #AVAX #AVAXUSDT pic.twitter.com/uJ3GpcjnH8
— Captain Faibik (@CryptoFaibik) August 14, 2024
However, the trendlines indicate that the rate of decline is reducing, which typically precedes a bullish reversal. The critical takeaway from this analysis is that AVAX is nearing a potential breakout point.
The upper trendline of the wedge acts as resistance, while the lower trendline serves as strong support, having held multiple times. A breakout above the upper trendline could trigger an upward movement, with a potential target around the $70 mark.
Historically, similar patterns have resulted in substantial gains, adding weight to this bullish outlook.
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ORDI Approaches Key Resistance
In the case of ORDI, Captain Faibik’s chart analysis highlights a descending channel pattern, another bearish formation marked by parallel trendlines that slope downward.
ORDI has been oscillating within this channel, making lower highs and lower lows. Despite this, the pattern also offers the possibility of a bullish reversal, particularly if the price breaks above the upper trendline.
Captain Faibik suggests that ORDI could soon test the upper boundary of the channel, near the $50 resistance level. This level is crucial, as it represents a psychological and technical barrier.
A successful breach of this resistance could lead to a strong bullish reversal, potentially signaling a shift in market sentiment.
$ORDI Still Moving inside the Descending Channel Pattern..!!In the Next Couple of weeks, Major Resistance (50$) might be Reached..#Crypto #ORDI #ORDIUSDT pic.twitter.com/Fm8nwYLfhk
— Captain Faibik (@CryptoFaibik) August 14, 2024
What to Watch
For AVAX, investors should monitor the upper trendline of the falling wedge. A decisive close above this level could confirm the bullish reversal scenario. Additionally, increased trading volume accompanying any upward move would strengthen the likelihood of a sustained rally.
In ORDI’s case, the $50 resistance level is crucial. Traders should watch for increased buying pressure as the price approaches this target. A break above $50 with high volume could validate the bullish outlook and potentially lead to further gains.
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